Stocks bounced back from a five-day losing streak Friday after the latest jobs report showed the unemployment rate dropping to its lowest level since 2008.

The Dow Jones Industrial Average up 198.69 points, or 1.26 percent, closing at 16,020.20. The S&P 500 was up 1.16 percent, and the Nasdaq was also up.

The economy added 203,000 jobs in November, the Bureau of Labor Statistics said Friday morning, beating Wall Street expectations and sending the unemployment rate from 7.3 percent down to 7 percent, a five-year low.